The recent slump in global oil prices has hit the world’s biggest energy companies and oil dependent countries hard. Though it has somewhat rallied, some said it may take a while before it fully recovers. Houston, Texas should have been hit hard, since its economy used to be heavily dependent on crude – however, the city is taking the slump in stride and actually thriving.

Houston’s port is also experiencing record traffic, as petrochemical production soars due to cheap oil and gas.

“I remember 40 years ago when gas and oil markets dropped we really had difficulties,” Steve Murdock, professor at Rice University, said. “We are more diversified, that gives us more resilience than was true decades ago.”

Signs of diversification can also be found in Houston’s startup community.

“Several years ago there was almost no startup scene,” John Goodman, Poetic Systems, said.

But Goodman remains cautious. He believed Houston’s economy is still inextricably tied to the fortunes of the energy industry, and many of his clients benefit from oil money investment.

“The oil and gas thing — people feel it,” Goodman said. “You can see how a lot of development in our space gets affected by oil and gas money.”

Goodman said he predicts that having avoided an energy-driven economic crisis, Houston businesses like Poetic will be in a strong position to compete when the oil price rebounds.